News Release
Release No.STELPRD4022623
ContactSamantha Evenson(701) 893-2220
(DEC. 13, 2013) USDA ANNOUNCES $170 MILLION IN ELECTRIC FINANCING
Schneider: funds will help meet the demands of growth
Bismarck, ND, Dec 13, 2013 --

@@Jasper Schneider, USDA Rural Development state director, today announced more than $170 million in funding for electric utility infrastructure projects serving over 7,700 North Dakota customers.

"With the growth in North Dakota also comes the need to build out our utility infrastructure," said Schneider. "The funding announced today will help our RECs meet the demands of private sector industry growth and population increases.”

Financing is provided through the U.S. Department of Agriculture’s (USDA) Rural Utilities Service Program. The following projects will expand, upgrade and make efficiency improvements to deliver reliable and affordable electricity.

Verendrye Electric Cooperative, Inc. (Velva) – $63,000,000 loan. Funds will be used to serve over 4,000 consumers, build more than 700 miles of distribution line as well as make other system improvements. The loan will include $1.1 million for smart grid projects $315,000 for service to tribal communities.

Nodak Electric Cooperative, Inc. (Grand Forks) – $31,192,000 loan. Funds will be used to serve 920 consumers, build 450 miles of distribution line and make other improvements. The loan will also include $2.4 million for smart grid projects and $540,000 for service to tribal communities.

Capital Electric Cooperative, Inc. (Bismarck) – $ 31,000,000 loan. Funds will be used to serve more than 2,800 consumers, build 265 miles of distribution line and make other system improvements. The loan will include $2 million for smart grid projects and $248,000 for service to tribal communities.

Minnkota Power Cooperative, Inc. (Grand Forks) – $46,300,000 loan. Funds will be used to help with the construction of the Center to Grand Forks transmission line.

Since 2009, USDA has invested more than $2.3 billion in North Dakota electric infrastructure projects. Further information on these and other rural programs is available by visiting USDA's web site at http://www.rurdev.usda.gov/nd.

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